There are so many factors and reasons for making a change when it comes to home ownership. You could currently own a home but are finding that you are outgrowing it and are ready to upgrade your home.  Perhaps you plan to have a family or already have a growing family. Maybe you are being drawn back into the culture and excitement of city living now that your children are all grown up and are looking to downsize your home? Are you part of a multi-generational family and are finding that you  now need both space and privacy?

If you’re thinking about whether the time is right for a change, moving begins with a careful understanding of your needs and wants: 

Get an accurate picture of your financial situation.  
How much of a mortgage payment suits your housing affordability?  Would you like to be mortgage free or entertain only a very small mortgage? Will you have family support to assist with a larger mortgage?  Factor in other debts and expenses as well as long and short-term savings goals like post secondary education expenses or your own retirement planning goals.   

Be realistic… 
…about how much you can sell your home for and how much of the proceeds you'll have available for a down payment on your next home. 

Know your financing options.    
Many mortgages are portable between properties, and may have a “blend and extend” provision allowing you to keep a favorable rate.  Also, getting pre-approved for a mortgage means you’ll know how much house you can afford.  Many people do not realize that by speaking with a mortgage specialist you may be able to garner a lower monthly payment or better long term mortgage rate than what your bank can offer you. Unless you have both your business and personal loans with the bank, or otherwise have a very strong relationship with them,  I always suggest that you seek the assistance of a mortgage broker who can shop around for you on your behalf. 

Be specific about your needs. 
If you are upgrading to accommodate a larger family, make sure you look for houses with plenty of bedrooms and areas to entertain and raise growing children.  Take play and study spaces into account.  If you plan on retiring in your new home, consider whether you want to deal with daily flights of stairs as you get older. Perhaps a bungalow would be the best option or even better, a idyllic maintenance free condo lifestyle.   

Consider the neighborhood. 
If you have kids, check out the reputation of the schools that your children would be attending.  And finally,  factor in the neighborhood's proximity to work, shopping, restaurants, public transit etc. Be sure to visualize your day to day life in this new neighborhood. 

Remember that I am a full service Realtor and as such can assist you in making these decisions and help facilitate the process long before you put your house on the market and commence the search for your next home. I'm excited to help in any way I can!

Kind regards,

Kimmé